On June 15, 2021, Netherlands-based Just Eat Takeaway.com N.V. (JET) completed its acquisition of U.S.-based online food delivery company Grubhub Inc. in an all-stock deal. Under terms of the merger agreement, Grubhub is now an operating subsidiary of JET, and Grubhub's $500 million senior unsecured notes due in 2027 remain outstanding. Absent the merger, we likely would have lowered our ratings based on our view that fierce competition will necessitate Grubhub continuing to aggressively invest in its restaurant, customer, and logistics network, and that the company will operate at break-even profitability for years. However, we kept all of our ratings on Grubhub, including the 'B+' issuer credit rating, on CreditWatch with negative implications, where they were placed on March 26,
